Use a spreadsheet or financial program on a calculator or computer to develop the first two rows of an amortization schedule for a 4-year car loan if $16,300 is borrowed at 8.0%, compounded monthly.

Question

Quizplus · Accepted Answer

The best option is B because it correctly calculates the monthly payment, interest paid, principal paid, and remaining balance for the first two years of the loan. The other options either have incorrect calculations or are not included in the given answer choices.

Use a Spreadsheet or Financial Program on a Calculator or Computer